Three Best Practices for Preventing Synthetic Identity Fraud Losses
It’s sad, but true: Criminals are flocking to synthetic identity fraud.
Why? Because…
- It has a low barrier to entry
- It's difficult to detect
- The average payoff is upwards of $81,0001
Without the right tools, synthetic fraud is uniquely hard to catch. Criminals act like regular consumers and don’t raise red flags — until it’s too late. By the time the account defaults, they’ve made off with the funds.
But good news: You have the power to stop this.
Comb through this guide for three great ways to prevent synthetic fraud losses.
1FiVerity, 2021 Synthetic Identity Fraud Report, October 2021